Axis Bank Q2 net profit climbs 83% to Rs 790 crore, provisions fall

The shares of the Axis Bank ended the day at 1.26 percent up at Rs 609.95 on BSE.

Axis Bank Q2 results: The private sector lender Axis Bank on Friday posted a 83 percent jump in the net profit at Rs 789.61 crore for the July-September quarter supported by healthy growth in core income and a fall in provisions for bad loans. In the corresponding period last year, the bank had reported Rs 432.38 crore in net profit, according to the exchange filing by the Axis Bank.

During the second quarter, the bank’s total income surged to Rs 15,959.37 crore compared to Rs 13,820.62 crore in the same period of the last fiscal. A growth of 15 per cent year-on-year to Rs 2,542 crore as against Rs 2,208 crore was witnessed in the net interest income, the bank said.

As against against 3.12 percent a year ago, the net non-performing assets (NPAs) fell to 2.54 per cent as on September 30, 2018. Nevertheless, the gross NPAs worsened to 5.96 percent of gross advances from 5.90 per cent in the year-ago quarter. The provisions and contingencies for the given period fell to Rs 2,927.38 crore from Rs 3,140.41 crore for September quarter of 2017-18.

Meanwhile, the bank also approved the appointment of Amitabh Chaudhry, as Managing Director-Designate in executive position of the Bank, with effect from November 19, 2018 up to December 31, 2018. “The Board of Directors of the Bank at its meeting held today, pursuant to the recommendation of the Nomination and Remuneration Committee of the Board of Directors of the Bank, approved the appointment of Shri Amitabh Chaudhry, as ‘Managing Director-Designate’ in executive position of the Bank, with effect from 19th November 2018 upto 31st December 2018 (both days inclusive),” the bank said.

The shares of the Axis Bank ended the day at 1.26 percent up at Rs 609.95 on BSE.